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Seven reasons you should implement IoT within your business

By: IoTNews

5, June, 2019

Categories:

Enterprise - IoT -

The Internet of Things (IoT) has clear use cases for the consumer sector – but for enterprise, it is all about the long-term picture.

According to research from McKinsey, 58% of companies polled who had gone into production with their IoT initiatives had seen at least a 5% increase in revenue, while 46% added they had seen a 5% decrease in cost.

Many industries and sectors are set to feel the benefit, from agriculture, to construction, to logistics. Yet each of these areas will see dividends through similar trends as methods of working converge.

The usage of
IoT is already at its peak and has revolutionised consumers’ lifestyle at an
unprecedented rate. The technology has not only transformed the consumer
sector, but also influenced the industrial sector.

Here are seven reasons why IoT is essential for enterprises:

1.Increased efficiency and productivity

A business
can significantly increase its productivity by knowing the needs of its
customers. This can be achieved by instrumenting smart devices into operations
to improve efficiency, so that more can be done in less time. Additionally,
large-scale tasks can be completed faster and faultlessly with the help of
IoT-based software and appliances.

2. Inventory tracking and management

IoT has the
potential to transform the way companies track and manage their inventory.

Businesses
that depend on manufacturing, warehousing and storage will be able to monitor
changes in their inventory automatically, with the help of smart devices. This
will save plenty of time for workers to perform more important, insightful and
challenging tasks.

3. Data sharing

Smart
devices are known to keep a track of consumer behaviour, which is essential for
a business to function and flourish. This gathering and exchanging information
process has completely changed the way data is handled.

IoT devices
do not just offer access to consumer data, but also track and record their
usage patterns of how a consumer interacts with these devices via machine
learning. Machine learning makes these devices smarter and smarter so that they
can offer a better user experience and help businesses interpret that data,
offering a room for improvement. This same data is used by businesses to study
the scope for improvement, understand what consumers want, invent new methods
for advertising and marketing.

4. Remote working

IoT is
believed to open the door for remote work.

The ability
to connect multiple devices to the same network will allow employees working
remotely to be closer and more connected to their job than ever before. Such
workers will be able to complete their tasks from remote locations by
connecting to devices in the office or factory floor.

5. Shorter buying decision cycles

IoT is also
going to change the way consumers purchase products, as the buying cycle is
said to become shorter. The targeted advertising enabled by the technology will
further facilitate buying decision-making process, which will allow customers
to anticipate a faster and convenient delivery service. For instance, placing
an order through Amazon Echo to receive products the same day – this urge for
instant gratification will bring forth new demands on businesses, which will
require them to make the most of smart technology in order to keep a track of
consumer demands.

6. Creating new consumer demands

In order to
expand their reach, businesses will have to keep in mind that as consumers will
be acquainted with IoT, they will start demanding things that they did not know
they wanted before, expecting extra every time they make a new purchase. There
will be a time when smart devices will become the new standard for appliances
and other day-to-day usable things.

Businesses
will have to keep up with the rising needs of consumers in the future, because
they may demand more integration and efficient accessories to make their new
smart home-enabled lives easier.

7. IoT expertise

As
organisations will employ IoT into their businesses, they will also need to
hire IoT experts. Just implementing the technology would not suffice. The more
businesses start hiring IoT specialists, the more individuals will be willing
to learn about advanced technology. Furthermore, recruiting data analysts would
prove to be add-on assistance to the experts’ team.

IoT has so far been successful in making our lives easier and better — and now it is time for workplaces to get the most out of it. It is for sure businesses following the IoT trend will be ahead of competition and those who do not will be considered as dinosaurs.

To learn about the Internet of Things, and how it can be implemented within your business, attend the IoT Tech Expo in Amsterdam on the 19-20 June to hear from industry leaders in this field. There will also be a free-to-attend exhibition where you can see the latest technologies in action and build partnerships. Tickets also available for the official networking evening at The Beach Bar, Strandzuid which is a great opportunity to meet existing and potentially new business partners in a more informal setting. Find out more and register via the website.